Paul S. Williams - 02 Mar 2026 Form 4 Insider Report for Public Storage (PSA)

Role: Director
Signature: /s/ Steven C. Babinski, Attorney-in-Fact
Issuer symbol: PSA
Transactions as of: 02 Mar 2026
Net transactions value: $0
Form type: 4
Filing time: 03 Mar 2026, 20:47:19 UTC
Previous filing: 02 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
WILLIAMS PAUL S	Director	C/O PUBLIC STORAGE, 2811 INTERNET BOULEVARD, FRISCO	/s/ Steven C. Babinski, Attorney-in-Fact	03 Mar 2026	0001236458

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PSA	AO LTIP Units	Options Exercise		-6,000	-39%		9,491	02 Mar 2026	Common Shares	6,000	$223.61	Direct	F1, F2
transaction	PSA	LTIP Units	Options Exercise	$0	+1,685		$0.000000	1,685	02 Mar 2026	Common Shares	1,685		Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On March 5, 2024, the reporting person exchanged an option to purchase 15,491 common shares of beneficial interest, par value $0.01 per share ("Common Shares"), of Public Storage (the "Company") for 15,491 limited partnership units in Public Storage OP, L.P. designated as AO LTIP Units ("AO LTIP Units"). AO LTIP Units are similar to "net exercise" stock option awards and are convertible, once vested, into a number of vested limited partnership units of Public Storage OP, L.P. designated as LTIP Units ("LTIP Units"), determined by the quotient of (i) the excess of the value of a Common Share as of the date of the conversion over $223.61, divided by (ii) the value of a Common Share as of the date of conversion. Vested LTIP Units into which AO LTIP Units have been converted are further convertible, [footnote continued]
F2	[Continued from footnote] conditioned upon minimum allocations to the capital accounts of the LTIP Units for U.S. federal income tax purposes, into an equal number of limited partnership units in Public Storage OP, L.P. ("OP Units"). The resulting OP Units are redeemable by the holder for one Common Share per OP Unit or the cash value of a Common Share, at the Company's option.
F3	Common Shares are issued upon the redemption of OP Units on a one for one basis. OP Units have no expiration date.